Accounts Principles Of Accounts Past Questions and Answers

Question 3096 :

• JAMB 2020

A company has departments L, M and O. Department L Occupies a space twice that of M while O occupies half the space of M. If the company pays ₦70,000 on rent, what is the amount of rent that should be allocated to M?

A. ₦40,000
B. ₦20,000
C. ₦30,000
D. ₦10,000

Question 3097 :

• JAMB 2020

Under which of the following conditions is a partnership dissolved?

A. Change of the partnership's head office
B. Purchase of a large quantity of fixed assets
C. Admission of a new partner
D. Retirement of a manager who is not a partner

Question 3098 :

• JAMB 2020

Which of the following accounting records are source documents?

A. Journals and ledgers
B. Sales invoice and debit note
C. Sales invoice and cashbook
D. Cashbook and debit note

Question 3099 :

• JAMB 2020

In preparing accounting records, the owners of a business and the business are treated as

A. Separate legal entities
B. Partners
C. The same person
D. Having business relationship

Question 3100 :

• JAMB 2020

₦
Bank account 59,410
Capital account 50,000
Purchases account 20,000
Rent 2,500
Stationery 90
Typewriter 6,500
Sales 38,500
In preparing a trial balance from the list of balances given above, what is the total in debit and credit columns?

A. ₦I38,500
B. ₦147,910
C. ₦85,800
D. ₦88,500